MANILA, Philippines — Inflation likely remained less of the worries of policymakers this month as a global oil price slump far offset a slight increase in food and utility prices, the Bangko Sentral ng Pilipinas (BSP) said on Thursday. Official inflation report will be released May 5. During the first quarter, inflation, as measured by the consumer price index, averaged 2.7%, well within BSP’s 2-4% target this year. “The collapse in oil prices is expected to moderate inflationary pressure coming from higher prices of rice and other food items along with upward adjustments in electricity rates…,” Diokno told reporters. Early this month, US oil prices sagged to negative territory, indicating refiners are willing to pay crude buyers just to take overwhelming supply out of their packed storage facilities.

Source: Philippine Star April 30, 2020 09:00 UTC